I feel like since Bulgakov is regarded as one of the greats of Russian writing (and I wonder if that's something more applied to him by the west? from what I understand Solzhenitsyn is not very highly regarded in the former USSR, although Gulag Archipelago is one of the most important pieces of journalism I've ever read and also contains some of the most beautiful poetry I've come across as well.) that I owe it to myself to read him to help further my understanding of Russian culture.
I think Bulgakov, and especially Master and Margarita, has a lot of appeal in the West because of the fantastic element. I'm in college now and know quite a few people who have very little knowledge of the greats of Russian literature like Dostoevsky, Gogol, etc., and have taken classes on Master and Margarita and Russian Sci-Fi because of the fantasy appeal. But from what I understand, he's just as highly regarded (probably more so) in Russia than here. There are walking tours of all the places mentioned in M&M, etc. I've read reviews of Bulgakov's books on Amazon from Russian readers basically saying "Americans can't understand/appreciate this book the way we do."
Also, just picked up a bilingual version of Mandelstam's "Stone." My Russian is so rudimentary that I'll probably only be able to pick out a word here or there, but I'm still excited to try it out.